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brandZ | Report - Spain

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Spain’s strongest brands deliver 1% growth in value

HIGHLIGHTS 2019

Spain’s strongest brands deliver 1% growth in value

Top 50 brands worth US$103.9 billion

The combined brand value of the brands to make the 2019 Top 30 is just under $104 billion – an increase of just 1 percent over the value of the leading 30 Spanish brands in 2018. The rate of growth is significantly slower than that of French, German, US and UK brands. Behind this average, however, are brands that grew in value at rates of up to 36 percent, and others whose value declined by almost as much.

First name in fast fashion rules again

The brand that has become synonymous with the boom in fast fashion, Zara, is crowned the most valuable Spanish brand for the second year running, with a brand value of US$24.8 million in 2019. This is a slight decline (1 percent) on Zara’s value last year, likely to be the result of increasingly fierce competition in this sector of the global fashion market, but the brand is still almost 15 percent more valuable than the next-placed brand in the ranking.

CaixaBank leads fastest risers

CaixaBank, one of Spain’s leading retail banks, was the fastest-growing brand in the Top 30 ranking this year. The bank prides itself on customer satisfaction, and has released a series of innovative products to help families better manage their personal finances. These include “Family Now”, and “Smart Money”, a digital advisory service. CaixaBank is one of the most readily recognized banking brands in the country, as well as being the only one in the sector perceived to be friendly.

Cheers to 2019’s only new entry

Estrella Damm, the Barcelona-based beer brand that promises the taste of the Mediterranean thanks to its unique yeast and recipe, is the only new brand to climb into the Spanish Top 30 this year. It debuts at number 27 with a brand value of $307 million. Estrella Damm’s annual summer video advertisements are always highly anticipated, often created with A-list film stars and directors.

Sense of difference fuels value growth

The most valuable 15 brands in Spain are, on average, worth 11 times more than the next 15, and they’re also growing at a faster rate. In the past year, they’ve grown in brand value by an average of 2 percent, while those in the next 15 that were also present last year have actually declined in value, on average, by around 7percent. The biggest differentiating factor between those brands at the top of the ranking and those lower down is that they project a much stronger sense of difference from others in their category. This makes consumers pay attention, and encourages them to see these brands as the right ones to stick with.

Fashion giants dominate, but growth comes from finance

The Spanish ranking is unique in the world for having almost a third of its value come from apparel brands – mainly those in the Inditex stable. Yet it’s the banking brands – another of the Top 30’s biggest value categories – posting the strongest growth this year, as the sector bounces back from several post-recession years and uses innovation to provide simpler and more user-friendly services.

Brand health adds to the bottom line

BrandZ uses five key indicators of health to determine the overall wellbeing of a brand. The healthiest brands in the Spanish ranking have grown in brand value by an average of nearly $7 billion in the past year, while the most “frail” have shrunk in value by over $800 million. While there are some Spanish brands bursting with vitality, Spanish brands generally look infirm compared to the leading brands in other markets. For many, it’s time to get the doctor.

Kindness costs nothing

But it can add significantly to the fortunes of a brand. Analysis of where growth has come from in the 2019 Top 30 reveals that the brands that are perceived by consumers to be the most kind are also more likely to grow. Brands from companies that are seen to be strong and responsible are also in line for growth, because these attributes inspire trust.

Top learnings for marketers

1A healthy brand means a valuable brand

There’s a strong correlation between the BrandZ measure of good health, what we call the “Vitality Quotient” (vQ), and growing brand value. And this year’s Spanish ranking shows that health isn’t predetermined by the business sector in which a brand operates. The healthiest brands this year include beer, insurance, retail and airline brands.

2 Be different, in a way consumers care about

Being different to other brands is one way of standing out from the crowd, but it’s important that what sets a brand apart is seen as important to the people it’s targeting. We call this “meaningful difference” and it’s this that makes a difference to success in the market and a rise in brand value.

3 Corporate reputation instils confidence

Spanish consumers find reassurance in brands they believe are backed by strong corporations that behave as category leaders, showing wisdom and strength. But that strength should be tempered by kindness; social responsibility is an important part of business strength.